Bookkeeping and its role in Business Growth.

For businesses, efficient bookkeeping practices should be followed as early as the first few transactions. Such is the importance it holds.

Keeping books on track is recommended, and perhaps essential in making sound financial decisions.

Bookkeepers can help generate accurate records to provide information related to financial activities like business expenses and collections. Having these records up to date greatly affects the performance of a business.

Some businesses may find it hard to keep up with the books and manage all the business responsibilities at the same time. Outsourced Bookkeeping services can help them have access to accurate financial information at all times.

Bookkeeping services utilize a 3-tier approach to develop, maintain and manage the overall financial process. The first tier consists of technology specialists that work on the data provided and create custom plans for different types of businesses.

The second tier is a full-time bookkeeper. The roles and responsibilities of a bookkeeper are pretty much clear, track accounts payable and receivables and help keep business finances in order. An in-house bookkeeper can still be engrossed in basic bookkeeping tasks while outsourced bookkeeping services can help with payroll, providing monthly or weekly financial reports, handle deposits and tax filing also.

Outsourced Bookkeeping services can offer help with bank statements reconciliation, and may come in handy during an internal or IRS audit.

The third tier is the controller. This comprises of scrutiny and analysis of expenses that each department makes. He/ She reviews the ledger for accuracy while maintaining the integrity of the accounting data so that changes can only be made with approval.

Benefits of Bookkeeping

Bookkeeping can help implement a steady financial process to strengthen business health. The significance of bookkeeping is incomparable, as it prevents a business from potential financial risks.

Bikham Finance

We at Bikham Finance are equipped with knowledgeable bookkeepers having around 14 years of experience in this domain. Available 24*7 at your disposal, we promise to cater to your requirements with utmost sensitivity and sensibility.

Boosting the finances with outsourced accounting and bookkeeping services

There is a lot to consider when it comes to executing the accounting and bookkeeping tasks efficiently. It is imperative to keep all records updated and be aware of numerous things for real-time requirements. With updated records and information on the business’s financial state, it becomes possible to target the growth areas. It helps in successful analysis of any changes that need to be made, and effective business planning for the time ahead.

The interesting thing to know is, there are a plethora of mistakes usually made by inexperienced accountants and bookkeepers. From falling behind on your records to the improper categorization of expenses and revenue collections; bad bookkeeping has a sort of domino effect.

You may end up burning the night oil, working in extended shifts or hiring additional staff to lend help in the accounting and bookkeeping tasks in the office. You may also end up turning down new clients while being busy correcting your existing client’s bookkeeping and accounting mistakes.

Keeping all these things in mind, many business owners are now choosing to outsource their accounting and bookkeeping services to experts. The strongest reasons for this may be that it reduces the chances to commit any potential error, as outsourced accounting and bookkeeping for accountants employ highly trained and knowledgeable CPAs to work on your finances. They are always up to date on the latest tax rules and regulations.

A majority of business owners nowadays do not have the time to learn the ins and outs of the finances. Outsourced accounting and bookkeeping for accountants are also skilled in the use of different types of accounting software, which while streamlining essential processes and making your finances easy to understand, keeps all your data up to date and secure so that it is easily accessible in cases of any loss or damage.

Some CPA firms are skeptical of their decision, whether to use outsourced accounting and bookkeeping for accountants or not. It is a simple and worthwhile process that reduces the frustration and overwhelming workload felt by your employees. You are much able to spend time focusing on core business aspects, building and expanding your business.

And the best part? With outsourced accounting and bookkeeping for accountants, your job safely with the knowledge that your finances are secure, up to date, and managed by the industry’s best accountants.

Bikham Finance offers efficient outsourced accounting and bookkeeping for accountants at the most competitive rates. Their team works with clients of all industries, ready to get started in helping you streamline the accounting and bookkeeping functions. Visit Bikham.com to learn more about their services.

Creating more time and revenue with our efficient bookkeeping services

In the world of finance, time management is of great importance. A majority of bookkeeping tasks are time consuming and this has been observed as a necessary evil.

Countless work-hours can be saved and funds can be generated by outsourcing some of these tasks to outsourced bookkeeping services providers. These solutions can be met with skepticism from people in the bookkeeping world however with the benefits outweighing skepticism, every accountant should embrace outsourced bookkeeping services.

One of the biggest benefits of outsourced bookkeeping services is time-saving. Taking into consideration the amount of time spent recording numerous financial transactions, these can be utilized for improving and strengthening the core business aspects.

When bookkeeping services are outsourced, a remarkable amount of time is saved, for both the clients and the accountants. Business owners are able to offer more value-added services to their clients. While the bookkeeping tasks are outsourced to another organization, the free time obtained can be used to perform extra services for the clients. This, in turn, generates extra revenue for the business. Not to forget, the convenience for businesses and their client as well.

As outsourced bookkeeping services cost less than a full-time bookkeeper, the overhead cost associated with hiring an in-house staff is eliminated. Moreover, the services from an outsourced bookkeeping services provider can be tailored as per business requirements. The costs of setting up the infrastructure is also eliminated as everything has already been invested in. Therefore, using such service brings in more revenue and helps in saving cost at the same time.

Bookkeeping tasks are done more efficiently ahead of the tax season. By outsourcing bookkeeping services, one can ensure that the records needed for tax season are prepared well ahead of time. The business-related documents are kept well organized so they are easily accessible upon requirement. Everything is taken care of by some of the industry’s best bookkeepers, so businesses always receive the best bookkeeping solutions.

Outsourced bookkeeping services offer immense benefits for accountants and CPAs. They ensure that the records in question are kept efficiently and accountants get more time to focus on other core business tasks. With these benefits considered, outsourced bookkeeping services should be taken advantage of by every organization looking to grow their business.

Bikham Finance is a leader in delivering the most efficient bookkeeping services to its established client base. Our outsourced bookkeeping services are tailored to meet your business requirements and take complete care of your full back office functions. Our bookkeeping team manages everything from entering data and reconciling accounts to preparing customer invoices, maintaining collections, paying bills and completing tax returns. Our goal is to take the stress of preparing the books away from you!

Outsourced accounting as a competitive edge to your business

Evolution is the law of nature and this change is inevitable. Change is for better and is indeed advantageous in life.

The same philosophy holds true in case of a business. Speaking about the latest trend in business is accounting outsourcing. More and more organizations opt for accounting outsourcing due to the convenience and benefits it has in store for them.

Accounting is an integral and important part of a business, regardless of its size. Eight to ten years back, companies used to hire accounting staff to take care of their entire accounting and bookkeeping functions. Fast forward to 2019, they prefer outsourcing more than they do hiring. This has given rise to numerous outsourced accounting services providers.

But one thing that always stands out is the services being provided by professional, diligent and dedicated accounting professionals to ensure efficiency in operations. These professionals are capable of providing personalized services by taking care of almost all the client requirements. Their efficient services cater to client needs by making the necessary changes required anywhere.

Another thing worth noticing about these outsourced companies is the level of information security. A variety of online accounting services set up a secure database for all the sensitive accounts information. They store and transfer data securely via encrypted channels which rules out the chances of any possible data leakage.

Accounting outsourcing is a business strategy that is said to offer fast and quality accounting services even at a short notice. These services are governed by well experienced, trained and some of the best professional accountants. However, the things that help them become an asset are their reliability, promptness and the quality of services.

Freelance accounting services is another way to deal with different nature and volume of information. Freelance groups are usually a team of accountants equipped with the latest accounting software to take care of the services. They offer flexible deals and attractive rates to their clients. There are hourly and monthly plans, long term deals and transaction-based charges which are quite affordable. These services also offer discounts on plans which is one reason, most companies prefer them over large scale service providers.

This marketplace for outsourcing services is expanding quickly. There are various services that are made available by accounting outsourcing:

Basic accounting, bookkeeping, account reconciliation, budgeting and forecasting, taxation, payroll management, inventory management, and data entry.

With each of these services available with the outsourcing companies, using them is the smartest move a company can ever make. Much like any other business decision, there are other benefits to contemplate too. From increased revenue to complete business control, there is a lot to benefit from.

Bikham Finance offers the most affordable and efficient accounting services that let you gain control over your business and focus on its growth. Visit Bikham.com to know more.

The Key Performance Indicators: Your friend or foe?

“What you can measure is what you can manage".

The above statement is indeed true, but a bit of confusing as pretty much everything can be measured in accounting and bookkeeping services business. Every business operation can be monitored once an efficient bookkeeping system delivering accurate information is set up.

KPIs being a lovely accountancy buzz word, stands for Key Performance Indicators. But what exactly are KPIs?

A KPI is anything within your business that can be measured; it can be related to finance like profit margins or it can be a customer satisfaction score. So, as you can appreciate, there ought to be billions of KPIs that you can choose to monitor.

KPIs are really helpful. But at the same time KPIs can be dangerous as choosing the wrong ones can destroy your business.

To use the word destroy may come across as overhyped, but it is the way it is!

When deciding to introduce KPIs into the accounting and bookkeeping services business, it should only be done as to improve them; a great initiative can be understanding what success means to the customers. So what exactly needs to be done in order to seek appreciation from them?

The KPIs like customer complaints, turn-around times, service delivery times, lead generation and conversion times etc. are helpful as they reflect the true condition of your business performance.

These are all about balancing business performance with expectations. When do KPIs turn out bad?

Any KPI that damages the health of a business is bad. And it won’t be wrong to say that the most damaging ones are often finance related.

These KPIs force entrepreneurs to cut down costs until the product or the service becomes awful and clearly no one would want to pay for them. In other cases, these might be the ones making employees work tirelessly towards the hard to achieve targets.

Targeting only gross profit percentage may result in cost-cutting for the product or service you are delivering i.e. using cheap raw materials or maybe reducing the time spent on service delivery. You may feel grateful for that fantastic, high gross profit percentage but there will be a moment when your customers will deny to your services and will eventually leave.

Asking employees to generate some X amount per head making zero investment in tools or the training that they need to achieve this goal will only demotivate your team. And that demotivated staff will further add up to your lower customer satisfaction scores, a higher staff turnover and more hectic days.

So should you even be having KPIs or not? A Bigg Yes! The point is to pick them with much care. Brainstorm among your accountants, bookkeepers or business partners and decide what needs to be done in order to make the business more successful and make sure the KPIs help towards this goal.

Or otherwise, they'll destroy it.

Bikham Finance helps you identify the most important KPIs for your business practice. With our efficient accounting and bookkeeping services you are able to achieve business goals easily and witness only pure profit.

To know more about our accounting and bookkeeping services, please visit our website and schedule a free consultation soon.